Colliers: In May, Apartment Transactions in Tbilisi Declined by 25% compared to 2019
Recov.ge website that was specially designed by Colliers International for real estate market reporting, has updated data on sales of residential apartments in Tbilisi, according to which in May 2021, a total of 2,161 transactions were recorded, down 25% compared to the same period of 2019.
According to the report, residential apartments’ market size in the mentioned period shrank by 29% to $101 million. According to the company, last year, the curfew was lifted on May 23 and therefore, the 2020 indicators are not representative. May 2021 recorded 1,380 transactions in new projects in Tbilisi, down 30% compared to May 2019.
At the same time, in the reporting period, transactions in old projects declined by 17% compared to May 2019. According to the Recov.ge updates, the new projects market size in May 2021 dropped by 37% compared to May 2019, while the old projects market value decreased by 10% to $ 35 million. “The economy segment in new projects plunged by 12% compared to 2019. In the medium segment the number of transactions decreased by 61%; As for the premium segment, the indicators dropped by 3% compared to 2019”, the report reads.